TDS on Salaries, Income Tax

[Siraj Shaikh]

Company has already deducted Rs. 30,000 TDS on salary for 5 months on average basis. On F&F, the company is further going to deduct TDS of around Rs.60,000.

Since, i m leaving this job and going to search a new one. suppose that I didnt get the job in this financial year. And my taxable income paid by the company comes to Rs. 6,00,000, can I stop the company for not deducting the TDS under the provisions of Section 192(2B) ?

Posts / Replies

[CA GOPALJI AGRAWAL]

No, section 192(2B) is for enhancement of income and tax liability not for reduction. Employer has to deduct TDS on estimated basis. The unemployment condtition etc can not be anticipated.

[Siraj Shaikh]

You mean to say that the only option with me is that, in case my income for the financial year did not exceed, say Rs. 4,00,000, I need to file the returns and then claim refund.

[SATHEESH NAIR]

THE INCOME TAX OFFICER MAY GIVE CERTIFICATE TO NOT DEDUCT THE TDS FROM  YOU PAYMENT. THIS IS ONLY THE WAY. PL . APPROCH YOUR JURI., ITO. TKS

[CA GOPALJI AGRAWAL]

No deduction certificate is not given in case of salary income. Lower deduction certificate application would not be entertained by AO under the cited circumstances.